FINANCIAL REPORT FINANCIAL REPORT FOURTH QUARTER 2012

Transcription

1 FINANCIAL REPORT FOURTH QUARTER 2011 FINANCIAL REPORT FOURTH QUARTER 2012 MARCH 2013

2 Index 1. Summary of Consolidated Results 4th Quarter Summary of Consolidated Accumulated to December Highlights in the Period Consolidated Income Statement Analysis of Consolidated Results Data by Country and Business Financial and Profitability Ratios Consolidated Financial Statements - Consolidated Balance Sheets Consolidated Income Statement Notes: All figures in dollars are calculated using the observed dollar exchange rate for January 2, 2013 (Ch$ per US$1). Symbols for periods in the year: Quarters: 1Q (first quarter), 2Q (second quarter), 3Q (third quarter) and 4Q (fourth quarter). 1S (First semester) and 9M (first nine months of the year), as applicable. Currency symbols: Ch$: Chilean pesos; US$: U.S. dollars; MM: millions. 2

3 Summary of Consolidated Results 4th Quarter 2012 EBITDA of Ch$ 11,057 million (US$ 23.0 million) increased by 2.6%, reaching an EBITDA margin of 25.7% in the 4Q Net Profit increased by 6.4% to Ch$ 9,262 million (US$ 19.3 million). As a percentage of net revenues, it represents 21.5% during the fourth quarter Consolidated Revenues increased by 9.6% in the 4Q 2012 to Ch$ 43,096 million (US$ 89.8 million). Gross Margin of Ch$ 25,652 million (US$ 53.4 million) increased by 9.6%, obtaining a gross margin of 59.5% as a percentage of net Revenues in the 4Q 2012, which is the same number than the one obtained in the 4Q 11. Operating Income increased by 9.8% in the 4Q 2012 to Ch$ 9,788 million (US$ 20.4 million). The Operating margin in 4Q 12 was the same 22.7% showed in the 4Q 11. The Revenues from the international operations in Colombia, Peru and Uruguay represented 21.7% of the consolidated revenues in the 4Q 2012, this is 3.5 percentage points higher than the 18.2% of the consolidated revenues in 4Q 11. 3

4 Summary of Consolidated Results Accumulated to December 2012 EBITDA of Ch$ 42,495 million (US$ 88.5 million) increased by 12.8%, reaching an EBITDA margin of 24.9% accumulated as of December Net Profit increased by 10.3% to Ch$ 31,366 million (US$ 65.4 million). As a percentage of net revenues, it represents 18.4% as of December Consolidated Revenues accumulated to December increased by 20.0% to Ch$ 170,768 million (US$ million). Gross Margin of Ch$ 97,313 million (US$ million) increased by 14.9%, obtaining a gross margin of 57.0% as a percentage of net Revenues as of December Operating Income increased by 15.0% accumulated as of December 2012 to Ch$ 38,131 million (US$ 79.4 million). The Operating margin accumulated to December 2012 was 22.3%. The Revenues from the international operations in Colombia, Peru and Uruguay represented 18.0% of the consolidated revenues in 2012; this is 1.6 percentage points higher than the 16.4% of the consolidated revenues in

5 Highlights of the 4th Quarter 2012 Stores Opening Total of new stores opened in 4Q 2012: 24 stores During the 4Q 2012 the company opened the following new stores: Country # Stores Chain Store City Sq. meters Chile Rockford Centro Concepción Concepción 130 Shoe Express Curicó Curicó 96 Hush Puppies Plaza Bio Bio Concepción 102 Caterpillar Plaza La Serena La Serena 92 We Love Shoes Plaza La Serena La Serena 60 We Love Shoes Plaza Antofagasta Antofagasta 75 Hush Puppies Mall Centro Concepción Concepción 94 We Love Shoes Mall Talca Talca 62 Caterpillar Plaza Tobalaba Santiago 155 Caterpillar Mall Talca Talca 114 Merrell Plaza los Angeles Los Ángeles 71 Total Colombia Merrell Gran Estación Bogotá 63 Hush Puppies Plaza Castillo Cartagena 105 Hush Puppies Bulevar Bogotá 87 Caterpillar Santa Fe Bogotá 67 Total Peru Shoe Express Minka Lima 68 Hush Puppies San Borja Lima 90 Hush Puppies Kids San Borja Lima 65 Rockford San Borja Lima 115 Hush Puppies Plaza Norte Lima 82 Total Uruguay Shoe Express La Comercial Montevideo 125 Hush Puppies Tres Cruces Montevideo 71 Caterpillar Tres Cruces Montevideo 71 Rockford Tres Cruces Montevideo 120 Total Total

6 Highlights of the 4th Quarter 2012 New Caterpillar Store in Colombia In November 2012 a CAT store was opened in Colombia for the first time; an urban concept store which provides clothing, shoes and accessories for youth. The store comprises an area of 67 square meters and is located in Santa Fe Mall, Bogotá. New Brands in Peru In October 2012 the brand Norseg Topsafety, industrial safety footwear, was launched in Peru and in November 2012 the brand Sebago was also launched. Sebago is an American footwear brand for consumers whose lives revolve around nautical sports. 6

7 Consolidated Income Statement - IFRS FORUS S.A. & SUBSIDIARIES Consolidated Income Statement 4th Quarter expressed in Thousands of Chilean Pesos from October 1st to December 31 4Q 12 % Revenues 4Q 11 % Revenues Var. % 12/11 Th Ch$ Th Ch$ Revenues ,6% Cost of Sales ( ) -40,5% ( ) -40,5% 9,5% Gross Margin ,5% ,5% 9,6% Logistic costs ( ) -0,9% ( ) -0,6% 73,4% Administrative Expenses ( ) -35,9% ( ) -36,3% 8,5% Selling, General and Administrative Expenses ( ) -36,8% ( ) -36,8% 9,5% Operating Income ,7% ,7% 9,8% Other incomes of total operation ,7% Other expenses of total operation ( ) (52.089) 138,7% Financial Income ,6% Financial Expenses ( ) ( ) -17,3% Participation in gains (losses) of joint venture businesses ,4% accounted by using the proportional value of participation Exchange Differentials ,6% Result of Indexation units (17.040) (41.868) -59,3% Other gains and losses ( ) ( ) -4,2% Non-Operating Income ,2% ,8% -36,6% Profit before income tax ,9% ,4% 3,2% (Expenses) Income Taxes ( ) ( ) -13,5% Profit (loss) ,5% ,1% 6,4% Profit (loss) attributable to equity holders of parent ,8% Profit (loss) attributable to minority interest ,5% Profit (loss) ,5% ,1% 6,4% EBITDA ,7% ,4% 2,6% expressed in Thousands of Chilean Pesos accumulated to December % Revenues 2011 % Revenues Var. % 12/11 Th Ch$ Th Ch$ Revenues ,0% Cost of Sales ( ) -43,0% ( ) -40,5% 27,4% Gross Margin ,0% ,5% 14,9% Logistic costs ( ) -0,9% ( ) -0,9% 24,5% Administrative Expenses ( ) -33,7% ( ) -35,3% 14,6% Selling, General and Administrative Expenses ( ) -34,7% ( ) -36,2% 14,8% Operating Income ,3% ,3% 15,0% Other incomes of total operation ,3% Other expenses of total operation ( ) ( ) 130,2% Financial Income ,5% Financial Expenses ( ) ( ) -7,2% Participation in gains (losses) of joint venture businesses ,5% accounted by using the proportional value of participation Exchange Differentials ( ) ,9% Result of Indexation units (35.425) ( ) -64,7% Other gains and losses ( ) ( ) -44,4% Non-Operating Income ,3% ,4% -75,9% Profit before income tax ,6% ,7% 9,9% (Expenses) Income Taxes ( ) ( ) 8,1% Profit (loss) ,4% ,0% 10,3% Profit (loss) attributable to equity holders of parent ,8% Profit (loss) attributable to minority interest ,7% Profit (loss) ,4% ,0% 10,3% EBITDA ,9% ,5% 12,8% 7

8 Analysis of Consolidated Results Operating Income Forus S.A. and subsidiaries Consolidated Revenues increased by 9.6% in the 4Q 2012 to Ch$ 43,096 million (US$ 89.8 million). This growth in sales is explained both by an increase in Retail Chile as by a growth in sales in its subsidiaries. In Chile, Forus sales increased 6.0%, totalizing Ch$ 34,603 million (US$ 72.1 million) during 4Q This increase in sales is explained mostly by growth in sales in Retail business, which reached Ch$ 29,469 million (US$ 61.4 million) rising 6.9% regarding 4Q 2011 and represented 85.2% of Chile s total revenues. This increase is explained mainly by growth in sales surface in square meters, which increased 9.3% by December 2012 regarding the same period of the previous year, integrating 980 square meters during the fourth quarter of It must be acknowledged that during this quarter we had to face a rather high comparative basis of 4Q 11, when Retail sales increased 31.0% regarding 4Q 10. Wholesale business, where sales of Ch$ 5,134 million (US$ 10.7 million) represented 14.8% of Chile s total revenues, increased 0.7% with regards to 4Q 11. In regards to international subsidiaries, which revenues represented 21.7% during 4Q 12 they increased 21.9% as a whole regarding 4Q 11. The results of these companies are the following: Revenues Without intra-company sales 4Q '12 4Q '11 Var. % 12/11 4Q '12 4Q '11 Var. % 12/11 Colombia ,3% ,9% Peru ,4% ,4% Uruguay ,1% ,1% Total ,9% ,7% 8

9 Analysis of Consolidated Results Same Store Sales. Data in nominal values (in local currency) 4Q '12 4Q ' Colombia 11,2% 0,5% 8,0% 15,3% Peru 10,5% 20,2% 16,5% 20,7% Uruguay 6,6% 16,8% 9,5% 20,2% In Colombia sales of Ch$ 1,925 million (US$ 4.0 million) grew 36.3% during 4Q 12. Adjusting intra-company sales, by excluding sales from Forus Colombia to Chile, there is an increase in sales of 29.9%. This rise in sales is due both to an increase in SSS sales of 11.2% nominal and an increase in square meters of 21.4%. In Peru, sales of Ch$ 2,564 million (US$ 5.3 million) grew 11.4% during 4Q 12. There is a slight negative effect due to the exchange rate conversion, because in local currency, sales increased 14.8%. SSS sales increased 10.5% nominal, keeping up with the rising trend shown during the previous quarters. In Uruguay sales of Ch$ 4,221 million (US$ 8.8 million) increased 23.1% in 4Q 12 boosted by the 10 new stores (net after closings) inaugurated in 2012 and SSS sales that attained an increase of 6.6% nominal, explained by the excellent performance of Hush Puppies, Cat, Hush Puppies Kids, Rockford and D House chain stores. There is although a negative effect in the exchange rate conversion, considering that sales in local currency rose 30.9%. Regarding national subsidiary TopSafety (company dedicated to industrial safety footwear business) sales of Ch$ 672 million (US$ 1.4 million) increased 131.8% in 4Q 12 regarding the same quarter of the previous year. The strong rise is due to the successful execution of the new 2012 strategy, based on the implementation of a series of well enforced actions during the year leaning to expand the number of distribution channels and incorporating design, comfort and safety in the products of the new collections, as well as introducing a new Safety 9

10 Analysis of Consolidated Results Outdoor concept in the market. The brand continues to grow in industrial customers market share, strengthening its presence in Mining, Manufacturing Industry and Construction. Revenues of international operations in Colombia, Peru and Uruguay represented 21.7% of consolidated revenues of 4Q 12, this is an increase of 3.5 percentage points regarding the 18.2% rise in 4Q 11. This analysis excludes intercompany sales. Uruguay 9,6% Colombia 6,1% Revenues by Subsidiaries 4Q 2012 Perú 5,8% TopSafety 1,3% Uruguay 8,7% Colombia 3,6% Revenues by Subsidiaries 4Q 2011 Perú 5,9% TopSafety 0,6% Retail Chile 77,1% Retail Chile 81,2% Note: In Colombia s revenues we include revenues from the company LBC, so this graph shows the total effect of Colombia in the total revenues. Revenues of international operations in Colombia, Peru and Uruguay represented 18.0% of consolidated revenues accumulated to December 2012, compared to a 16.4% during the same period of This analysis excludes sales of inventory from Forus Colombia to the company LBC that took place during 2Q and 3Q

11 Analysis of Consolidated Results Uruguay 8,4% Revenues by Subsidiaries 2012 Colombia 3,9% Perú 5,7% TopSafety 1,2% Uruguay 8,2% Revenues by Subsidiaries 2011 Perú 5,5% Colombia 2,6% TopSafety 0,5% Retail Chile 80,8% Retail Chile 83,2% Gross Margin of Ch$ 25,652 million (US$ 53.4 million) increased 9.6% obtaining a percentage margin of 59.5% in 4Q 12. The Consolidated gross margin percentage of 59.5% does not vary regarding the 59.5% obtained in 4Q 11. Chile s Individual gross margin grew 7.0% with regards to 4Q 11, achieving Ch$ 20,611 million (US$ 42.9 million). A percentage gross margin of 59.6% was attained regarding sales, which increased in 0.6 percentage points compared with 59.0% obtained in 4Q 11. Costs of sales increased 4.5%, in a lower ratio than the increase in revenues of 6.0%. This is explained by the margin improvement in the Wholesale business. Once again there is a negative effect on gross margin due to the exchange rate, considering that spring/summer 2012 collections entered at a higher dollar exchange rate regarding the previous year (+4.5% increase). Gross margin in Retail business of Ch$ 18,280 million (US$ 38.1 million) increased 5.0% in 4Q 12. And gross margin in Wholesale business of Ch$2,331 million (US$ 4.9 million) in 4Q 12, increased 25.9%, increasing in 9.1 percentage points from 36.3% in 4Q 11 to 45.4% in 4Q 12. Regarding gross margin of international subsidiaries, during 4Q 12 it increased as a whole 18.7%, obtaining Ch$ 4,821 million (US$ 10.0 million). Details by country are as follows: 11

12 Analysis of Consolidated Results Peru: a gross margin of Ch$ 1,387 million (US$ 2.9 million) increased 4.3%, which as a percentage of revenues attains 54.1% in 4Q 12. In its local currency it increased 7.5%. Uruguay: a gross margin of Ch$ 2,409 million (US$ 5.0 million) rose 31.0%, which as a percentage of revenues rises 3.4 percentage points, from 53.7% in 4Q 11 to 57.1% in 4Q 12. In its local currency, gross margin increased 45.0% during 4Q 12. Colombia: a gross margin of Ch$ 1,024 million (US$ 2.1 million) grew 14.9%, which as a percentage of revenues represents 53.2% in 4Q 12. The fall in gross margin as a percentage of revenues between the fourth quarter of 2011 and 2012 is due to the increased prominence of Wholesale business, considering that Cat and Merrell brands have robust sales in wholesale channels. Operating Income of Ch$ 9,788 million (US$ 20.4 million) increased 9.8% regarding 4Q 11. The operating margin was 22.7% in 4Q 12, the same as in 4Q 11. The Individual Operating Income (Forus Chile) accounts for 84.2% of total income, obtaining Ch$ 8,245 million (US$ 17.2 million) and increasing 4.2% with regards to 4Q 11. Chile s total Selling and Administrative Expenses moved from representing 34.8% of revenues in 4Q 11 to 35.7% in 4Q 12, explained by a rise in SG&A expenses in Retail business. Chile s Retail business operating income of Ch$ 7,543 million (US$ 15.7 million) decreased 2.9%, considering that selling and administrative expenses increased at a higher ratio than revenues, from representing 35.0% of revenues in 4Q 11 to 36.4% of revenues in 4Q 12. This increase in selling and administrative expenses is explained by the fast pace by which new stores were opened in Chile during 2012, with 25 new stores that have not reached their maturity regarding their maximal sales levels, which has a direct effect on expenses. On the other hand, in the Wholesale business, a positive operating income of Ch$ 702 million (US$ 1.5 million) was obtained, increasing in 387.0%. Selling 12

13 Analysis of Consolidated Results and administrative expenses decreased, from representing 33.5% of revenues in 4Q 11 to 31.7% of revenues in 4Q 12. Regarding international subsidiaries as a whole, these presented an Operating Income of Ch$ 1,469 million (US$ 3.1 million), increasing 43.1% regarding 4Q 11 and obtaining a Operating Income as a percentage of revenues of 16.9%, which rose 2.5 percentage points regarding 14.4% in 4Q 11. Operating Incomes by countries are the following: Peru: Its Operating Income grows 11.5%, obtaining Ch$ 246 million (US$ 0.5 million) in 4Q 12. Selling and administrative expenses fall 3.7 percentage points as a proportion of revenues, from 48.2% in 4Q 11 to 44.5% in 4Q 12. Uruguay: Its Operating Income of Ch$ 899 million (US$ 1.9 million) increases 45.3% regarding 4Q 11, obtaining an Operating Income as a percentage of revenues of 35.8% in 4Q 12. Colombia: Its Operating Income of Ch$ 325 million (US$ 0.7 million) rises 73.0% in 4Q 12. Selling and Administrative expenses decrease both as an absolute value and as a percentage of revenues, falling 13.5 percentage points, from 49.8% in 4Q 11 to 36.3% in 4Q 12. Non Operating Result Non Operating Result achieved a profit of Ch$ 936 million (US$ 2.0 million) decreasing 36.6% regarding the profit of Ch$ 1,477 (US$ 3.1 million) in 4Q 11. This Non Operational surplus is mainly explained by the account Other Incomes of Total Operation, which obtained a profit of Ch$ 501 million (US$ 1.0 million), versus a profit of Ch$ 1,380 million (US$ 2.9 million) obtained during 4Q 11 (unusual profit obtained from the sale of a remnant of a plot of land in Huechuraba, Santiago, Chile) and by the exchange differential account which attained Ch$ 507 million (US$ 1.1 million), increasing in 219.6% with regards to 4Q

14 Analysis of Consolidated Results Net Profit and EBITDA Net Profit increased by 6.4% to Ch$ 9,262 million (US$ 19.3 million). As a percentage of revenues, it represents 21.5%, which means a decrease of 0.6 percentage points compared to 22.1% obtained in 4Q 11. EBITDA of Ch$ 11,057 million (US$ 23.0 million) increased by 2.6%, reaching an EBITDA margin of 25.7% in the 4Q Chile s EBITDA of Ch$ 9,242 million (US$ 19.3 million) represents an EBITDA margin of 26.7% in 4Q

15 Data by Country and Business CHILE Retail P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,9% Cost of Sales ,4% Gross Margin ,0% ,2% 5,0% Operating Income ,6% ,2% -2,9% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,0% Cost of Sales ,8% Gross Margin ,0% ,8% 11,8% Operating Income ,9% ,8% 4,2% Same Store Sales Growth Data in nominal values (in local currency) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q SSS 19,0% 16,9% 16,4% 22,2% 14,0% 17,9% 5,7% -2,0% 18,7% 8,3% Stores Openings / Closings Date Chain Store Sq.meters Opening oct-12 Rockford Centro Concepción 130 Opening oct-12 Shoe Express Curicó 96 Opening oct-12 Hush Puppies Plaza Bio Bio 102 Opening oct-12 Caterpillar Plaza La Serena 92 Opening oct-12 We Love Shoes Plaza La Serena 60 Opening oct-12 We Love Shoes Plaza Antofagasta 75 Opening nov-12 Hush Puppies Mall Centro Concepción 94 Opening dec-12 We Love Shoes Mall Talca 62 Opening dec-12 Caterpillar Plaza Tobalaba 155 Opening dec-12 Caterpillar Mall Talca 114 Opening dec-12 Merrell Plaza los Angeles 71 Closing dec-12 Shoe Express Irarrazaval -64 Closing dec-12 Jansport Arauco Maipú -6 Module Total

16 Data by Country and Business CHILE Change in Total square meters Dec Dec Var. 12/11 Var. % 12/11 N Stores ,6% Square meters ,3% Wholesale P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,7% Cost of Sales ,6% Gross Margin ,4% ,3% 25,9% Operating Income ,7% 144 2,8% 387,0% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,5% Cost of Sales ,5% Gross Margin ,3% ,5% 16,0% Operating Income ,4% ,5% 52,0% TopSafety P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,8% Cost of Sales ,2% Gross Margin ,7% 81 27,8% 172,3% Operating Income 74 11,0% -18-6,3% -508,6% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,0% Cost of Sales ,1% Gross Margin ,8% ,3% 215,6% Operating Income 89 3,6% ,1% -136,5% 16

17 Data by Country and Business COLOMBIA P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,3% Cost of Sales ,7% Gross Margin ,2% ,1% 14,9% Operating income ,9% ,3% 73,0% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,7% Cost of Sales ,5% Gross Margin ,8% ,6% 21,6% Operating income 246 3,9% 199 4,9% 23,4% Without intra-company inventory sales from Forus Colombia to Chile P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,9% Cost of Sales ,6% Gross Margin ,2% ,1% 14,9% Operating income ,9% ,3% 73,0% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,9% Cost of Sales ,1% Gross Margin ,8% ,6% 21,6% Operating income 246 3,9% 199 4,9% 23,4% Same Store Sales Growth Data in nominal values (in local currency) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q SSS 15,0% 36,5% 24,7% 0,5% -0,6% 11,0% 6,7% 11,2% 15,3% 8,0% 17

18 Data by Country and Business COLOMBIA Stores Openings / Closings Date Chain Store Sq.meters Opening oct-12 Merrell Gran Estación 63 Opening nov-12 Hush Puppies Plaza Castillo 105 Opening dec-12 Hush Puppies Bulevar 87 Closing dec-12 Hush Puppies Santa Fe -67 Opening dec-12 Caterpillar Santa Fe 67 Total 255 Change in Total square meters Dec Dec Var. 12/11 Var. % 12/11 N Stores ,7% Square meters ,4% 18

19 Data by Country and Business PERU P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,4% Cost of Sales ,1% Gross Margin ,1% ,8% 4,3% Operating income 246 9,6% 221 9,6% 11,5% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,8% Cost of Sales ,7% Gross Margin ,9% ,2% 23,0% Operating income ,2% 778 9,9% 26,8% Same Store Sales Growth Data in nominal values (in local currency) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q SSS 27,1% 20,0% 16,1% 20,2% 15,3% 22,0% 19,2% 10,5% 20,7% 16,5% Stores Openings / Closings Date Chain Store Sq.meters Opening nov-12 Shoe Express Minka 68 Opening dec-12 Hush Puppies San Borja 90 Opening dec-12 Hush Puppies Kids San Borja 65 Opening dec-12 Rockford San Borja 115 Opening dec-12 Hush Puppies Plaza Norte 82 Total 421 Note: there were movements of locations of stores inside of same malls, so the square meters were reduced by -91 square meters. Change in Total square meters Dec Dec Var. 12/11 Var. % 12/11 N Stores ,2% Square meters ,8% 19

20 Data by Country and Business URUGUAY P&L 4Q '12 % Revenues 4Q '11 % Revenues Var. % 12/11 Revenues ,1% Cost of Sales ,0% Gross Margin ,1% ,7% 31,0% Operating Income ,3% ,0% 45,3% P&L 2012 % Revenues 2011 % Revenues Var. % 12/11 Revenues ,7% Cost of Sales ,8% Gross Margin ,6% ,5% 26,4% Operating Income ,7% ,5% 25,2% Same Store Sales Growth Data in nominal values (in local currency) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q SSS 24,3% 26,9% 13,3% 16,8% 12,6% 11,1% 8,8% 6,6% 20,2% 9,5% Stores Openings / Closings Date Chain Store Sq.meters Opening oct-12 Shoe Express La Comercial 125 Opening dec-12 Hush Puppies Tres Cruces 71 Opening dec-12 Caterpillar Tres Cruces 71 Opening dec-12 Rockford Tres Cruces 120 Closing dec-12 Pasqualini Aeropuerto -35 Total 352 Change in Total square meters Dec Dec Var. 12/11 Var. % 12/11 N Stores ,0% Square meters ,3% 20

21 Financial and Profitability Ratios Liquidity Ratios Units Dec-12 Dec-11 Current liquidity times 4,5 3,2 Acid ratio times 2,8 2,0 Financial Ratios Units Dec-12 Dec-11 Liabilities composition Current Liabilities % 88,7% 90,4% Non-Current Liabilities % 11,3% 9,6% 11,3% 9,6% 88,7% 90,4% Dec-12 Dec-11 Current Liabilities Non-Current Liabilities Units Dec-12 Dec-11 Leverage times 0,23 0,35 Profitability Ratios Units Dec-12 Dec-11 ROA % 22,8% 23,0% ROS % 18,4% 20,0% ROE % 28,1% 31,1% All data is in term of Consolidated Forus. 21

22 Consolidated Balance Sheets ASSETS Current Assets Th Ch$ Th Ch$ Cash and cash equivalents Other financial assets, current Other non-financial assets, current Trade and other account receivables Accounts receivables from related companies Inventories Tax Assets, current Total Current Assets Non-Current Assets FORUS S.A. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS expressed in Thousands of Chilean Pesos, as for December 31 Other financial assets, Non-current Other non-financial assets, Non-current Fees receivables, Non-current Investments in Associated Net intangibles assets Goodwill Property, plant and equipments Deferred tax Assets Total Non-Current Assets TOTAL ASSETS LIABILITIES Current Liabilities Other financial liabilities, current Current trade and other current accounts payable Current accounts payable to related companies - - Other current Provisions Current tax liabilities Current Provisions for employees benefits Other non-financial liabilities, current Total Current Liabilities Non-Current Liabilities Other non-current financial liabilities Deferred taxes liabilities Other non-financial non-current liabilities Total Non-Current Liabilities TOTAL LIABILITIES SHAREHOLDER'S EQUITY Paid-in capital Retained earnings Issue Premium Other reserves Equity attributable to equity holders of the parent Non-controlling interest Total Net Equity TOTAL NET EQUITY AND LIABILITIES

23 Consolidated Income Statement FORUS S.A. & SUBSIDIARIES CONSOLIDATED INCOME STATEMENT expressed in Thousands of Chilean Pesos for the end of the periods of Th Ch$ Th Ch$ Revenues Cost of Sales ( ) ( ) Gross Margin Other incomes of total operation Logistic costs ( ) ( ) Administrative Expenses ( ) ( ) Other expenses of total operation ( ) ( ) Other gains or (losses) ( ) ( ) Financial Income Financial Expenses ( ) ( ) Participation in gains (losses) of joint venture businesses accounted by using the proportional value of participation Exchange Differentials ( ) Result of Indexation units (35.425) ( ) Profit before income tax Income Taxes ( ) ( ) Profit (loss) Profit (loss) attributable to equity holders of parent Profit (loss) attributable to minority interest Profit (loss) Net Income per Share Commom shares Income per Share $ 121,4 $ 110,0 23

24 Forus S.A. Address: Av. Departamental Nº La Florida Santiago, Chile Contact: Macarena Swett Investor Relations Telephone: (56 2) macarena.swett@forus.cl Website: Go to the Investors menu. 24